EXHIBIT 12
Omnicare, Inc.
Statement of Computation of Ratio of Earnings to Fixed Charges
(in thousands, except ratio)
For the years ended December 31,
2003 2002 2001 2000 1999
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Income before Income Taxes $310,449 $203,051 $119,785 $ 77,523 $ 91,671
Add:
Interest Expense 73,345 52,811 52,724 52,974 44,439
Amortization of Debt Expense 4,200 4,000 3,600 2,100 1,727
Write-off of Debt Issuance Costs(1) 3,755 -- -- -- --
Interest Portion of Rent Expense 12,500 10,600 9,033 9,300 8,436
-------- -------- -------- -------- --------
Adjusted Income $404,249 $270,462 $185,142 $141,897 $146,273
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Fixed Charges
Interest Expense $ 73,345 $ 52,811 $ 52,724 $ 52,974 $ 44,439
Amortization of Debt Expense 4,200 4,000 3,600 2,100 1,727
Write-off of Debt Issuance Costs(1) 3,755 -- -- -- --
Capitalized Interest -- -- -- -- 1,688
Interest Portion of Rent Expense 12,500 10,600 9,033 9,300 8,436
-------- -------- -------- -------- --------
Fixed Charges $ 93,800 $ 67,411 $ 65,357 $ 64,374 $ 56,290
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Ratio of Earnings to Fixed Charges(2) 4.3x 4.0x 2.8x 2.2x 2.6x
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(1) The year ended December 31, 2003 includes the write-off of unamortized debt
issuance costs relating to the Company's redemption of its 5% convertible
subordinated debentures. See Note 7 of the Notes to Consolidated Financial
Statements for further discussion.
(2) The ratio of earnings to fixed charges has been computed by dividing
earnings before income taxes plus fixed charges (excluding capitalized
interest expense) by fixed charges. Fixed charges consist of interest
expense on debt (including the amortization of debt expense and capitalized
interest) and one-third (the proportion deemed representative of the
interest portion) of rent expense.